Search
 

Is SD’s Apt. Delivery Pipeline Moving Fast Enough?

SAN DIEGO—While multifamily construction is definitely up from the recession years, the new supply being delivered annually is not meeting demand, requiring more cooperation between developers and municipalities, JLL’s Darcy Miramontes tells GlobeSt.com.

Darcy Miramontes Miramontes: “San Diego consistently falls short of housing demand, with 30,000 people are moving into this region annually.”

SAN DIEGO—While multifamily construction is definitely up from the recession years, the new supply being delivered annually is not meeting demand, requiring more cooperation between developers and municipalities, JLL EVP Darcy Miramontes tells GlobeSt.com. According to the firm’s recent San Diego Multifamily Market Overview, 2015 and 2016 both broke previous records for San Diego multifamily starts in both number of units and dollar value; however, San Diego’s new multifamily supply is only 0.7% of inventory, compared to 2.1% for the top 10 supply markets.

The report also showed that developers have shifted their focus from Mission Valley to Downtown for urban-core development and from North County to South County in search of available land. In addition, San Diego has one of the lowest multifamily vacancy rates in the country, and the 3.8% current rate is below the 4.1% historical market average; it is expected to stay at approximately 4% through 2020.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Carrie Rossenfeld

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

More from this author

Recommended Stories

GlobeSt. Multifamily Fall 2024Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.